Victoria, British Columbia (FSCwire) - GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the “Company”) is pleased to provide an overview of 2014 exploration work completed on its Mollie River property (the “Property”), located approximately halfway between Timmins and Sudbury, in the Porcupine Mining Division of Ontario (See: Figure 1). The Property is part of GoldON’s 100% owned Swayze Gold Project and is one of three non-contiguous claim blocks (Chester, Mollie River and Neville-Potier) that adjoin or are surrounded by the multi-million ounce Côté Gold Project owned by Trelawney Mining and Exploration Inc. (“Trelawney”), a subsidiary of IAMGold Corp..
Work on the Property to date in 2014 has consisted of a surface exploration program designed to discover new gold mineralization and mineralized structures. This program included mapping and prospecting of the Chester Granitoid Complex (the “CGC”) rocks that underlie the Property and are similar in character and alteration to the rocks hosting the Côté Gold Deposit (7.61 million gold ounces). The program recognized two regional structural targets, each of which has the potential to host strata-bound gold mineralization sandwiched between gabbro and tonalite (See: Figure 2). Anomalous gold values up to 192 ppb Au were returned for over 300 meters along a logging road. The silicified hydrothermal alteration of the host rock within the CGC is similar to that of the Côté Gold Deposit.
The geological environment on the Property has the potential for a new discovery along linear structures, which remain untested at depth. The most southern of these structures is of higher priority because of its untested, coincident characteristics: 1) an airborne VLF-EM zone for 550 meters in an east west direction, 2) a sub-circular airborne magnetic low, which measures approximately 0.5 by 0.5 kilometers (km); and 3) the presence of a topographic recessive area marked by a swampy area around two lakes.
Additional exploration work is recommended on the Property that includes winter line-cutting ground magnetic surveying, and pole-dipole induced polarization (IP) surveying transects on both regional structures. This would entail 6.5 km of line-cutting and magnetic survey and 6.0 km of pole-dipole IP.
Andrew Nevin, Ph.D., P.Eng., and Qualified Person as defined by National Instrument 43-101, and has reviewed and approved the information contained in this news release on behalf of the Company.
The Mollie River property consists of 37 units covering 592 hectares. Access and infrastructure are excellent, with the Property’s westernmost claim located approximately 8 km east of the Côté Gold Project camp.
About GoldON Resources Ltd.
GoldON Resources Ltd. is an exploration company geographically focused on two of the prolific gold mining belts of Ontario, Canada. The Company’s properties include the Slate Falls Gold-Silver Property in northwestern Ontario and the Swayze Gold Project adjoining IAMGOLD’s multi-million ounce Côté Gold Project in the Swayze Greenstone Belt.
For more information, visit www.goldonresources.com
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
Direct line: (204) 724-0613
Email: info@goldonresources.com
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Source:
GoldON Resources Ltd. (TSX Venture:GLD) http://goldonresources.com/
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